Replies to This Discussion

Permalink Reply by Bryant Tutas on May 2, 2012 at 2:25am

It's faster to start over than it is to try and get the file reopened. Just initiate the short sale again.

Permalink Reply by Kay VanKampen on May 2, 2012 at 10:58am

Bryant, I have reopened the file and now they want the FHLMC addendum which is not in the resource center.  Is this the same as the affidavit of arms length transaction or the Freddie Mac addendum.  The Freddie Mac addendum has no place for the agents or the closing agent to sign and notorize.  HELP!!!! 

Permalink Reply by joe beauchamp on May 2, 2012 at 4:45pm

Here is both the addendum and the 710 form. I assume you are talking about the homeowners doc task that popped up. It erroneously asks for the FHLMC 1126 form - Freddie now uses the 1126.  I received these from a competent negotiator  on 4/23 when I was unable to get ANY response from the negotiator, then the team lead, manager, SVP or VP for the file where this popped up.

And what topped it off was that after filling all these out and submitting EVERYTHING, the negotiator closed the file claiming no authorization.  Ya gotta love BofA arrogance and...uh. competence, eh?

Did you figure out what the "required" doc "Other" is?  ;-)

Attachments:

• FHLMC FM addendum 120423.pdf, 25 KB
• FHLMC form 710 120423.pdf, 117 KB

Permalink Reply by Kay VanKampen on May 3, 2012 at 1:11am

Thanks Joe, I thought this was what they are referring to, however, with the way they are changing the names of the forms, I wasn't taking chances.  I'm tired of them renaming the tasks and assuming we know what they are talking about..

Permalink Reply by joe beauchamp on May 3, 2012 at 5:53am

Nah, you are thinking too deeply, Sharon,. If you look at the history of Equator and BofA forms, you'll become convinced that these are projects of BofA's daycare center and QC is done by same. Ever since it was called REOTRANS, I have been unable to get them to change their request for commission percentage in $0.00. Percentage or dollars? How can you be so obtuse and have an IQ above 80? Look at the other help. You wonder if 2nd lien means only BofA lien or 2nd somewhere else - what if BofA is the 2nd? Look at the help and it says, like most of the help, answer in dollars and cents.  You know, instead of rupees and conk shells. Real help, eh?

So, no, Other means Other - and they ask for a P&L anyway - REQUIRED regardless of the fact that the seller is employed and has no clue of what a P&L is.  You really think someone actually spent 3 seconds at BofA thinking about this?

I'm pretty sure that their "faster system" is based upon being so discouraging for agents to tackle that decimating short sales makes them faster (after all, BofA makes money every time a short sale fails - they are paid to manage accounts, not to get rid of them).

Permalink Reply by joe beauchamp on May 3, 2012 at 6:08am

HA! I've had an experience close to that - I had a picture rejected at BofA because there was no house in the picture for the vacant lot.  Sometimes you wonder if they could bump up their QC to maybe the 5th grade level.

I suspect that is the dumb question to auto-determine if it should be HAFA. Every time I put in investment property, I end up picking like 1962 for last time owner lived there because I cannot say "never you brain-dead idiot".  I'm torn between BofA (and Equator) being so obtuse (and cheap?) that they won't pay for 2 hrs of QC and realize that it saves THEM hundreds of man hours of answering questions and dealing with the problems OR they do this on purpose to make the task as onerous as possible for the agent, thus discourage agents from taking away their easy income by short selling their properties. But, at least it gives you a chuckle in an otherwise depressingly serious process, eh? ;-)

Permalink Reply by Cathy Baumbusch on May 21, 2012 at 1:49pm

Obtuse. That is the word I was looking for.

Permalink Reply by Erinn Frisbie on May 7, 2012 at 7:29am

I am having an issue along the same lines and I am wondering if anyone has any advice...

Received written approval, the next day the buyer walked. I had a backup offer. I called the negotiator she said "Thats great, I will soft decline the file and you can upload the new offer". However the file was completely closed. Then someone opened a new file that is stuck in borrower outreach status. Negotiator says the file is locked and she cannot get in it. Customer service says their system shows someone initiated a short sale without an offer which is why it is stuck in borrower outreach. Negotiators manager says I have to initiate new short sale and he will get it assigned to the negotiator that already saw it through to approval. Well, that doesn't work either because the loan number is already active in the system.

The negotiator said the hard decline was an equator glitch yet nobody knows how to fix it or move on from here. I have had the new offer at the same price with same terms and new HUD for over a week now and cannot do anything with it.

Anyone have any advice??

 

Permalink Reply by joe beauchamp on May 7, 2012 at 12:50pm

Equator had broken before - I had similar last year.  2 things: go online to equator help desk and complain that your file is stuck in this state - the reps there used to be good, now you will probably get "oh, the bank did that". Tell them that the bank says it is stuck and you cannot submit a new one or kill the old one to submit a new one.  That is the minor thing which may help because I have had Equator tech fix things that BofA continued to scratch their heads for MONTHS on. The other is to call into the SS reps - they often are more attuned to resolving issues than the negotiator - they know you are on the phone and the file is stuck and you don't want to get off of the phone until it is fixed. They will move things along where your negotiator will often put it on a shelf until after everything else is done - they are on a nasty clock, too.

The BofA reps are usually good - they don't like saying "I don't know" when you ask what you are supposed to do now. So, keep them in that spot until you get an answer and fix. You should not have to talk to a supervisor - again BOA reps are good, most of them, and they do whatever they can for you to avoid giving you to a supervisor.

If those fail, you have 2 last resorts: BofA_Help on twitter and calling the office of the president.  Neither is as good as the 2 I suggested, but if nothing else is working and the stars are aligned, maybe you'll get to the right person to get it done.  (These 2 dept's are touchie-feelie political in nature and a techie problem is WAY out of their realm.)

Permalink Reply by Cathy Baumbusch on May 21, 2012 at 1:50pm

OMG, that sounds almost identical to my situation. Except that they claim it was a soft-decline. Its been 2.5 months. I have no advice. I'm sorry.

Permalink Reply by Erinn Frisbie on May 8, 2012 at 2:33am

Thank you Joe. I have never had to call a SS rep... Do you have a name and/or number?

Permalink Reply by joe beauchamp on May 16, 2012 at 3:58pm

I certain hope you got the number before now - just in case - 866-880-1232. I haven't been here lately, sorry.

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